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- Product Revenue Grows 10% for the Quarter - - Net Income Grows 226% to $5.9 Million - - Earnings Conference Call and Webcast Today at 9:00 a.m. EST -
WALTHAM, Mass., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Repligen Corporation (Nasdaq:RGEN) today reported financial results for the third quarter ended September 30, 2013. Below are the Company's financial and business highlights for the third quarter, financial guidance for the year and dial-in numbers for today's conference call.
Third Quarter 2013 Financial Highlights
Bioprocessing product revenue for the third quarter of 2013 was $12.2 million, an increase of approximately10% over the third quarter of 2012.
Total revenue for the third quarter of 2013 was $18.8 million, an increase of approximately 25% over the third quarter of 2012.
Bioprocessing product gross profit margin was 53.5% for the third quarter of 2013, compared to 42.3% during the third quarter of 2012.
Net income increased to $5.9 million for the third quarter of 2013 compared to $1.8 million for the third quarter of 2012; earnings per diluted share were $0.18 for the third quarter of 2013 compared to $0.06 for the third quarter of 2012.
Cash and investments as of September 30, 2013 totaled $67.1 million compared to $50.0 million as of December 31, 2012.
Operating expenses for the three-month period ended September 30, 2013 were $10.8 million compared to $12.9 million for the same period in 2012, a decrease of $2.1 million or 17%. This decrease was driven by across-the-board reductions in operating expenses during the third quarter of 2013 compared to the same period in 2012. Cost of product revenue decreased by $759,000 or 12% due to product mix and improved process yields and capacity utilization. Research and development (R&D) expense decreased by $1.0 million or 41%; and sales, general and administrative (SG&A) expense decreased by $224,000 or 7%. The reductions in R&D and SG&A expense were primarily due to lower spending on clinical development programs as a result of the Company's strategic realignment announced in August 2012 to focus on building its bioprocessing business.